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ASEAN-China Free Trade Area benifits both sides 09:06, October 25, 2009
The ASEAN-China Free Trade Area (ACFTA) that takes effect early next year is well on track, with great potentials to produce huge benefits to both sides.
During the on-gong 15th ASEAN Summit and Related Summits, ASEAN leaders said Saturday that the effective implementation of the major milestone in FTA brings ASEAN closer to the ASEAN Economic Community where free flow of goods is one of its major objectives.
After the launching of the ACFTA, 90 percent of products traded between ASEAN and China will enjoy zero tariffs and other favourable policies will also be in place for trade and investment.
The ACFTA will be the biggest free trade zone in the world, forming a market with a population of 1.9 billion and a combined GDP of 6 trillion U.S. dollars.
In an interview with Xinhua, ASEAN Secretary general Dr. Surin Pitsuwan said that the ASEAN-China FTA, which will be formally launched on Jan. 1, 2010, will pave the way for more efforts to build the community in ASEAN.
"As China emerges as the third largest economy, closer cooperation and integration with the ASEAN economies will certainly ascend our position around the world. Our production cost will be lower, the efficiency and the distribution of the products to the rest of the world will be more effective," said Surin.
He said that Chinese firms production base in ASEAN countries will give China the advantage of the markets in western part of the region.
"We hope that as China grows, China will continue opening its market to ASEAN countries. ASEAN will continue to be stability and security for the region," he said.
According to Surin, economic growth, trade and investment will depend on security and stability, on sense of confidence that people have in the region.
"So we hope good neighbourly relation between China and ASEAN will continue and will promote productivity, "he said.
The ASEAN secretary general also said that as ASEAN countries help China in improving its growth by supplying components for China manufacturers, China can provide its assistance to help countries in Southeast Asia region spur their economic growth by technology transfer, training programs, investment and tourism.
"There are ways to help each other, accommodate each other. In every economy relationship, there is no one-way benefit. There is no one interest to be taken care of. There have to be through many ways. It is the really way of mutual benefit," Surin said.
Apart from that, Surin also said that the ASEAN-China FTA will pave the way for more efforts to build the community in ASEAN.
"ASEAN could become China's strategy policy coordination forum aimed at boosting the community building in the region," he said.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Thailand, the Philippines, Singapore and Vietnam.
Source:Xinhua
ASEAN-China Free Trade Area benefits both sides - People's Daily Online
The ASEAN-China Free Trade Area (ACFTA) that takes effect early next year is well on track, with great potentials to produce huge benefits to both sides.
During the on-gong 15th ASEAN Summit and Related Summits, ASEAN leaders said Saturday that the effective implementation of the major milestone in FTA brings ASEAN closer to the ASEAN Economic Community where free flow of goods is one of its major objectives.
After the launching of the ACFTA, 90 percent of products traded between ASEAN and China will enjoy zero tariffs and other favourable policies will also be in place for trade and investment.
The ACFTA will be the biggest free trade zone in the world, forming a market with a population of 1.9 billion and a combined GDP of 6 trillion U.S. dollars.
In an interview with Xinhua, ASEAN Secretary general Dr. Surin Pitsuwan said that the ASEAN-China FTA, which will be formally launched on Jan. 1, 2010, will pave the way for more efforts to build the community in ASEAN.
"As China emerges as the third largest economy, closer cooperation and integration with the ASEAN economies will certainly ascend our position around the world. Our production cost will be lower, the efficiency and the distribution of the products to the rest of the world will be more effective," said Surin.
He said that Chinese firms production base in ASEAN countries will give China the advantage of the markets in western part of the region.
"We hope that as China grows, China will continue opening its market to ASEAN countries. ASEAN will continue to be stability and security for the region," he said.
According to Surin, economic growth, trade and investment will depend on security and stability, on sense of confidence that people have in the region.
"So we hope good neighbourly relation between China and ASEAN will continue and will promote productivity, "he said.
The ASEAN secretary general also said that as ASEAN countries help China in improving its growth by supplying components for China manufacturers, China can provide its assistance to help countries in Southeast Asia region spur their economic growth by technology transfer, training programs, investment and tourism.
"There are ways to help each other, accommodate each other. In every economy relationship, there is no one-way benefit. There is no one interest to be taken care of. There have to be through many ways. It is the really way of mutual benefit," Surin said.
Apart from that, Surin also said that the ASEAN-China FTA will pave the way for more efforts to build the community in ASEAN.
"ASEAN could become China's strategy policy coordination forum aimed at boosting the community building in the region," he said.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Thailand, the Philippines, Singapore and Vietnam.
Source:Xinhua
ASEAN-China Free Trade Area benefits both sides - People's Daily Online